If you haven’t talked to your home insurance agent, or read your policy in years, now might be a good time. An “insurance check-up” is simply a periodic review of your coverage to make sure you have the appropriate coverage in place. Without going through your policies annually, how will you know if all of your assets are actually covered?
Insurance agents recommend an insurance check-up annually, generally at the time of renewal. However, there are other times you should consider a check-up. I spoke with local agent Frank LaBarbera of Farmers Insurance in College Station, and he gave me some insight. Putting an addition on the house is an obvious time to call your insurer. And if you upgraded your kitchen with granite countertops and high-end appliances, that has changed the value, too.
Another area to consider is the amount for which you have insured the belongings in your home. The average homeowner probably thinks $50,000 for contents would be fine, but take into account flat-screen televisions and other pricey electronics, and that limit is hit pretty quickly. Now imagine unique jewelry, expensive watches, a collection of wine or antiques — all those mean it is time to sign up for a valuable personal property policy.
While the Texas Department of Insurance could not confirm the number of underinsured homeowners in the state, the department routinely recommends homeowners look at their policies and discuss coverage with their agent. As property values increase (which is the case in Bryan/College Station) and as building materials and labor go up, it’s important for consumers to re-evaluate whether they have enough coverage.
Remember, homeowners insurance is essential. The coverage is designed to protect your home and its contents, as well as shield you from liability for accidents and such on your property. Block out an hour of your time, call a Brazos Valley insurance agent, and get answers to these three important questions.
As always, continue to visit my blog for expert real estate advice. This is Clay Lee, looking out for your real estate needs – now and in the future.
Clay Lee – Realtor
Century 21 Beal, Inc.
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